Christopher Cole, CFA

CHRISTOPHER COLE, CFA - FOUNDER & CIO

Mr. Cole is the founder of Artemis Capital Management LP and the CIO of the Artemis Dragon Fund LP, Artemis Vega Strategy, and Artemis Hedgehog Strategy.

The mission of Artemis is to create opportunities from change for investors.

Mr. Cole is considered a second-wave pioneer in the trading of volatility as an asset class, specifically volatility futures and options. He is also focused on global macro on portfolio construction and is the creator of the Dragon Portfolio® concept.

Over the past decade, Mr. Cole's macro-volatility research garnered a wide following on Wall Street, and thereafter widely quoted by the mainstream financial press. His 2012 research paper entitled, “Volatility at World’s End” argued the equity options market was mispricing and hedging the wrong tail (left as opposed to right). The paper was credited with re-pricing hundreds of millions in S&P 500 index options and was named one of the best macroeconomic thought pieces of the last decade. His 2017 paper "Volatility and the Alchemy of Risk" warned about self-reflexivity in the $2 trillion global short volatility trade and has been widely referenced.

Mr. Cole was one of the first to warn about various market risks including but not limited to: dangerous self-reflexivity in VIX ETPs and short vol (2012, 2015, 2017), 'Japanization' of US vol (2013), the Fed's impact on income inequality and how this threatens democratic institutions (2015), the distorting effect of share buybacks on markets (2015,2017), danger in the assumption of stock-bond anticorrelation (2015), and unintended effects on liquidity from passive investing (2015, 2018). More recently, he introduced the concept of the 100-year portfolio (Dragon Portfolio® and the CWARP®('Cole Wins Above Replacement Portfolio®") score as a replacement for Sharpe Ratios.

Mr. Cole is a frequent speaker at industry conferences and in the mainstream financial media. He previously worked in capital markets at Merrill Lynch and structured over $10 billion in derivatives and debt transactions.

Mr. Cole holds the CFA designation and graduated Magna Cum Laude from the University of Southern California.